Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/162695
Authors: 
Dedola, Luca
Rivolta, Giulia
Stracca, Livio
Year of Publication: 
2017
Series/Report no.: 
ECB Working Paper 2050
Abstract: 
This paper studies the international spillovers of US monetary policy shocks on a number of macroeconomic and financial variables in 36 advanced and emerging economies. In most countries, a surprise US monetary tightening leads to depreciation against the dollar; industrial production and real GDP fall, unemployment rises. Inflation declines especially in advanced economies. At the same time, there is significant heterogeneity across countries in the response of asset prices, and portfolio and banking cross-border flows. However, no clear-cut systematic relation emerges between country responses and likely relevant country characteristics, such as their income level, dollar exchange rate flexibility, financial openness, trade openness vs. the US, dollar exposure in foreign assets and liabilities, and incidence of commodity exports.
Subjects: 
identification of monetary shocks
international transmission
exchange rateregime
capital mobility
trilemma
JEL: 
F3
F4
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2772-7
Document Type: 
Working Paper

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